Focused on blockchain investments, the IBC Group plans to sponsor the upcoming Ethereum 2.0 network with $10 million in ETH, Gulf News reports.
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The company reportedly wants to stake approximately 20,000 ETHs in a special deposit contract so that Ethereum's 2.0 scheduled launch could happen on time. According to Khurram Shroff, the IBC Group Chairman, the investment will be made with a Canadian institutional-grade staking service CanETH.
"We are very excited by the ‘Proof of Stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up 20,000 eth which is a one way trip till phase 2, this lockup shows our confidence in ETH2 and dedication to the beacon chain," Shroff said.
At press time, the deposit contract of Ethereum 2.0 has 103,584 ETHs ($49 million), which means that only 19% of 524,288ETHs needed has been staked for the "Genesis" launch scheduled for December 1, 2020.
Earlier, iHodl reported that Ethereum's co-founder himself, Vitalik Buterin, donated 3,200 ETH (~ $1.5 million), to the deposit contract of the new ecosystem.
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